The Nation‘s DC editor, Chris Hayes, provides a quick run-down of the bailout, its limited trajectory, and what its limitations mean for the Obama administration. Although Hayes’ explanation is easy to understand, the continued profits that the bailout is providing for Wall Street–and no one else–are more difficult to swallow. Because of the staggering 17.5 trillion dollars being pumped, basically for free, into the banks, they’re making profits–but the bucks stop there. If that’s the only silver lining, Hayes explains, this misdirected spending is a “ticking time bomb” for Obama. As unemployment, foreclosures, and wages feed economic misery, the banks shouldn’t expect the American people to throw them victory parties any time soon–and neither should the members of bailout-defending administration.

—Fernanda Diaz

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